BNC Highlights Importance of Making Your Money Work For You
In SummaryBNC presents In the Black: Dollars and Sense Week to provide viewers with tips on how to make their money work for them.
The effects of the COVID-19 pandemic are still being felt when it comes to people’s finances.
This, combined with rising inflation on products and the holiday season, means many people are struggling to figure out how they will afford the costs of their needs.
BNC presents In the Black: Dollars and Sense Week, a weeklong special dedicated to providing viewers with smart money moves. From how to avoid overspending during the holidays and affording education costs to “saving for retirement and building generational wealth, BNC will talk with experts to provide tips on how to make your money work for your entire family.
Planning For College and Retirement
Recent studies suggest about 43 million Americans have federal student loan debt totaling more than $1.6 trillion. On In the Black: Dollars and Sense, BNC gives tips on how you can financially plan for both college and retirement.
Yvodney and Thabiso Magagula have been married for four years. They think of financial planning in two stages. The first is dedicated to the early and middle part of their lives, and the latter part is towards retirement. The pair has a concrete understanding of where their 401Ks are going and where they have been over the years.
Homeownership and Generational Wealth
Many wonder how they can create generational wealth and teach their children about money. BNC’s Shannon LaNier sits down with a family as they discuss money with their three children.
The Priestlys have three young sons and a plan for generational wealth so that their children have a leg up rather than the mythical bootstrap to pull on. “You know, I think it’s important, not just for a person of color but for anyone to own a home,” Cassius Priestly said. “I think homeownership is one of the main ways you can transfer wealth.”
The Priestlys are starting their money conversations with their children young by discussing allowances and toys instead of stocks and bonds. “I think that it’s important to have conversations because the conversations really create exposure,” Jacqulyn Priestly said.
Both parents agree it is important to normalize the conversation about money in the home because no matter how much or how little you have, your children need to know the facts at the dinner table before they find out at the ATM.
Planning For Retirement
Having a plan is crucial when it comes to finances. Making money during your youth can be easy, but will you be ready when you retire? A 2019 Federal Reserve Survey found that only 44% of Black Americans have a retirement savings account and it typically has a balance of only $20,000.
Financial experts Ross Mac, Yvodney and Thabiso Magagula, Kenneth Chavis IV, Kara Stevens and Aldred Edmond Jr. share tips on how you can make your 401K work for you.
Blair Jones, a digital technology director in New York City, says she loves holiday shopping but not holiday spending. “One of the reasons I have a holiday budget is I have a lot of nieces and nephews and I want to be fair to everyone,” she said. “I also want to follow that, so I’m not too scared come January to like pay my Amex down.”
Nicole Sanchez, the managing director for Community and Business Development at Chase, offers several tips to help Jones and others in her boat.
- Make a budget
- Manage your inbox
- Avoid credit card hangover
- Look for free ways to show gratitude this holiday season
- Watch out for scams